The top after-market NASDAQ stock market gainers are: Blue Coat Systems, Focus Media, CTC Media, KIT Digital, Shoe Carnival, Photronics, Republic Airways Holdings, ON Semiconductor, Morgans Hotel and Perry Ellis.

Gainers

Shares of Blue Coat Systems, Inc. (NASDAQ:BCSI) soared 20.82 percent, or $3.52, to $20.43 after it gave a robust outlook for its third quarter with both earnings and topline indicated to top the Wall Street estimates. The company's second-quarter profit, which despite declining 62 percent from last year, were substantially ahead of Street view.

Focus Media Holding Ltd. (NASDAQ:FMCN) shares climbed 14.12 percent, or $3.57, to $28.85 after it reported better-than-expected profit for the third-quarter and guided fourth-quarter revenues above Street.

CTC Media, Inc. (NASDAQ:CTCM) shares gained 9.72 percent, or 95 cents, to $10.72.

Shares of KIT Digital, Inc. (NASDAQ:KITD) rose 7.94 percent, or 85 cents, to $11.56 after it reported strong customer satisfaction results pointing to growth in 2012. Independent research firm 2hm & Associates conducted extensive research with over 2,000 KIT digital customers and reported a high satisfaction level among the majority.

Shoe Carnival, Inc. (NASDAQ:SCVL) shares advanced 6.94 percent, or $1.58, to $24.34 after it reported higher profit for the third quarter that were in line with Street estimates. Net earnings for the third quarter were $10.5 million or 78 cents per share, up from $9.1 million, or 70 cents per share for the third quarter last year.

Photronics, Inc. (NASDAQ:PLAB) shares gained 6.41 percent, or 36 cents, to $5.98.

Shares of Republic Airways Holdings, Inc. (NASDAQ:RJET) rose 6.18 percent, or 27 cents, to $4.64 after its subsidiary Frontier Airlines has been named North America's Leading Low-Cost Airline by World Travel Awards.

ON Semiconductor Corp. (NASDAQ:ONNN) shares advanced 6.07 percent, or 46 cents, to $8.04.

Shares of Morgans Hotel Group Co. (NASDAQ:MHGC) climbed 5.88 percent, or 30 cents, to $5.40 after it agreed to acquire a 90 percent controlling interest in lifestyle food and beverage company The Light Group for about $46.5 million. 

Pery Ellis International, Inc. (NASDAQ:PERY) shares edged higher by 5.84 percent, or 80 cents, to $14.50 despite reporting a 9 percent drop in its third-quarter profit and cutting its full-year profit and revenue outlook.